I actually know a guy who has something like that going on, although I think less rings than that. He is my sister and her boyfriend's piercer friend.
He had a christian girlfriend and she ripped his heart out, so after she dumped him he became a piercer and mutilated his pee pee.
Its pretty nasty, he says its really painful when he jerks off. But feels really good when he is done.
I have no idea what the appeal of that is. He'll probably lose them if he ever meets a nice girl again and wants to get laid.